Abstract: Implementing watershed ecological compensation is an important measure to implement ecological protection rights and responsibilities to stimulate the enthusiasm of all parties to participate in watershed ecological protection.This is also an important content of the construction of ecological civilization system\[32\].Guizhou is located in an important ecological barrier area in the upper reaches of the Yangtze River and the Pearl River.Portraying the "water article" for ecological compensation in the river basin is a strong support for Guizhou to upgrade from a "pilot area" to a "pilot area".To promote the application of ecological product value accounting results in the construction of ecological compensation mechanisms, a watershed ecological compensation evaluation system was constructed, which consisted of three primary indicators of water resources products, aquatic ecological products, and aquatic environmental products,which referred to as "three water".A total of 11 secondary indicators was constructed and quantitatively calculated.The ecological product value of the study area was estimated from 2017 to 2021 after the completion of the watershed ecological compensation pilot.The results indicated that the implementation of the watershed ecological compensation policy had effectively stimulated the growth of the ecological product value of the "three waters" in Guizhou Province.In 2021, the value was 1297712 trillion yuan, an increase of 1963% compared to that in 2017.The implementation of watershed ecological compensation had significantly improved the water ecological environment, which played an important role in aspects of promoting the protection and utilization of water resources, improving water environment quality, and ensuring water ecological security